Telenor Microfinance Bank Partners With Careem for Rickshaw Financing

We all are well aware of the fact that Careem is trying its luck in all types of vehicles. Let it be bikes, cars or even luxury cars, Careem seems to be unstoppable. According to the new report, Telenor Microfinance Bank and Careem are coming on board together. No, they are not doing partnership but it’s more of collaboration. Under this program, Telenor Microfinance Bank will be providing loans to Careem. This will enable the Careem customers to buy the rickshaws on an installment basis. The company’s main focus, however, remains on the fact to provide easy income facility to the common man. At the same time benefiting the country on the financial and economic level.

The partnership will allow the customers to buy rickshaws on the installment basis. This installment will be payable over the period of approximately 22 months roughly about 2 years. This way the customers will not only have their own asset which they can sell later. At the same time, they will also have income facility available to them on fingertips through Careem of course. The public transport condition in the country is miserable. Under such circumstances, people are turning to rickshaws. However, most of the time the concern of the public is security and safety. These factors are often questionable when traveling in common rickshaws. The Careem rickshaws not only make sure the safety of rider but also put equal effort in well being of the driver. No doubt exceptions are always there but one can safely say its 80:20 ratio.

Both the companies expectations from this collaboration are quite high. They believe this will not only help to fuel entrepreneurship but also increase employment level in the country. Not only this it will make traveling much easier and affordable.

Shedding light over the background it is pertinent to mention that Careem started its rickshaw service back in 2016. The rickshaws were owned by Careem itself. Now through Telenor Microfinance Bank, Careem is providing an opportunity to purchase own rickshaws. The consumers will not only have a steady job but an asset as well. Therefore it is a Win-Win situation in both the conditions.